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Nicholas Silvers And Dov Barnett Acquire Gowanus Development Site From Aby Rosen For $160M
SOLD
$160,000,000
+ 1
New York
See Similar DealsDevelopment Site
Sold
SOLD
Nicholas Silvers And Dov Barnett Acquire Gowanus Development Site From Aby Rosen For $160M
175 3rd Street
See Similar DealsDevelopment Site
Sold
+ 1
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Sale
A development site located at 175 3rd Street in Brooklyn's Gowanus market was sold for $160 million. The property encompasses 750,000 square feet, resulting in a price per square foot of approximately $213.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $160,000,000
- Buyer: Nicholas Silvers & Dov Barnett - Tavros Capital; Sam Charney - Charney Cos
- Seller: Aby Rosen - RFR Holding
- Lender: Silver Point Capital, The Brodsky Organization & Tikehau Capital
- BSF: 750,000
Tavros Capital and Charney Cos. acquired the site to develop 1,000 apartments, marking a significant investment into the evolving Gowanus area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,533,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$568,446.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$758,481.63
Annual Debt Service$9,101,779.54
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